Public Debt Award Asia

In 2010, while the bond market continued to improve the overall availability of capital for the shipping industry, another form of highly customised debt security was also gaining popularity in Asia. At least five shipping and related companies issued medium term notes (“MTNs”) of over USD 1.1 billion to refinance/repay debt or finance new vessels last year. Although MTNs are not very different from conventional bonds in many aspects – non-callable, unsecured, senior debt with fixed coupons and investment grade ratings, they offer issuers great flexibility in terms of structure and documentation.

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